PZ Cussons adjusted profit slips amid pressure on margins
Source - SMW
Consumer products group PZ Cussons posted a rise in first-half profit, though it was boosted by one-off proceeds from property sales.
Pre-tax profit rose 37.3% to £34.2m, as revenue increased by 1.9% to £385.4m.
Adjusted pre-tax profit, which stripped out proceeds from the sale of land at a redundant manufacturing site in Australia, fell by 15.4% to £34.0m.
Strong profitability in Asia was offset by reduced margins in some business units in Europe and Africa, the company said.
'Initiatives are underway to improve performance of these business units and, together with the positive momentum elsewhere in the group and in particular in Asia, provide a solid basis for improved performance in the second half of the year,' chairman Caroline Silver said.
The company kept its interim dividend unchanged at 2.67p per share.